Core Viewpoint - Nvidia's fiscal Q2 earnings have generated significant interest among investors, with the company's market capitalization expected to remain a focal point in the semiconductor sector [1][2]. Group 1: Earnings and Market Performance - Nvidia's stock is a major component of various widely followed indexes, which can create investment opportunities through leveraged ETFs like Direxion Daily NVDA Bull 2X Shares (NVDU) [2][3]. - The company's guidance of $54 billion in revenue for the current quarter indicates over 50% year-over-year growth, alongside a $60 billion share repurchase authorization [5]. - Following Nvidia's earnings report, analysts raised their price targets, with the average target now nearly $202, representing a 12% increase from the stock's closing price on August 28 [6]. Group 2: Market Sentiment and Future Prospects - Initial reactions to Nvidia's earnings were negative, but the stock's modest loss suggests that investors are reassured by the company's strong fundamentals [4]. - Nvidia's potential to reach a market value of $5 trillion is supported by analysts, with some predicting the stock could hit $200 [3]. - Clarity on geopolitical issues, particularly regarding U.S.-China relations, could further benefit Nvidia and NVDU, as the company navigates restrictions on chip sales [7][8].

Group 1 - The post-pandemic rally in emerging markets (EM) assets has faced a decline, but there are signs that the trend may be reversing in favor of EM [1] - Anticipation for lower interest rates is building in capital markets, which typically benefits EM assets, leading to a weaker dollar and a rising MSCI Emerging Markets Index [2][3] - EM equities are expected to outperform due to easing local monetary policies boosting domestic lending and consumption, alongside a weaker dollar [3] Group 2 - The MSCI Emerging Markets Index has shown a performance disparity compared to the MSCI World Index, with the divergence beginning before the April tariff sell-offs [5] - Traders can explore individual stocks in EM for potential opportunities, but this approach carries concentration risk; diversifying through the MSCI EM index can mitigate unsystematic risk [7] - For bullish traders, Direxion offers products like the Direxion Daily MSCI Emerging Markets Bull 3X Shares (EDC) to amplify exposure to the MSCI EM index [8]

Core Insights - The global markets watchlist tracks nine prominent indexes from various economies, highlighting their year-to-date performance and historical peaks [1][2]. Group 1: Year-to-Date Performance - The Hang Seng index from Hong Kong leads with a year-to-date gain of 29.9% as of September 2, 2025 [2]. - The Shanghai index follows with an 18.3% gain, while Canada's TSX has a 14.9% increase [2]. - The BSE SENSEX from India has the smallest year-to-date gain at 0.3% [2]. Group 2: Current Values and Historical Peaks - The TSX index reached its all-time peak of 28,615.62 on September 2, 2025, showing no percentage off peak [5]. - The S&P 500 is currently at 6,415.54, which is 1.33% below its peak of 6,501.86 reached on August 28, 2025 [5]. - The Hang Seng index is currently at 25,496.55, which is 23.10% off its peak of 33,154.12 from January 26, 2018 [5]. Group 3: Comparative Performance Since Market Lows - A comparative performance chart illustrates the recovery of world markets since their lows, with the S&P 500, TSX, CAC 40, and BSE SENSEX hitting lows on March 9, 2009 [8]. - The visualization aligns various indexes to show relative performance, indicating significant recovery trends across different markets [8].

Core Viewpoint - The article discusses the potential for a market downturn in late year and suggests that high-quality stocks, particularly through the American Century U.S. Quality Growth ETF (QGRO), may be a favorable investment strategy amidst economic uncertainties [1][5]. Fund Overview - The American Century U.S. Quality Growth ETF (QGRO) charges a fee of 29 basis points to track the American Century U.S. Quality Growth Index, focusing on a mix of "high growth" and "stable growth" companies [2]. - QGRO employs a rigorous screening process for quality, growth, income, cash flow, and profitability in its investment selections [2]. Performance Metrics - Over the past year, QGRO has achieved a return of 25.3%, outperforming the ETF Database Category average of 18.8% and the FactSet Segment average of 10.76% [3]. - The fund's largest holding, Booking Holdings (BKNG), has returned 13.1% year-to-date (YTD) and has a forward price-to-earnings (P/E) ratio of 24.86, along with a 17% return on assets [3]. - Applovin (APP) has shown a remarkable YTD return of 47.8% and boasts a return on equity of 259.7% as of September 2 [4]. - TJX Cos. (TJX), another investment in QGRO, has returned 14.1% YTD and has a return on equity of 60% [5]. Future Outlook - High-quality stocks are positioned to perform well if other market areas weaken, making QGRO an appealing option for investors looking to refresh their equity holdings [5].

Group 1: Market Reactions and Tariffs - The U.S. Supreme Court's agreement with a federal appeals court ruling deemed a majority of tariffs instituted by President Trump as illegal, causing market anxiety and pushing gold prices past $3,500 [1] - Investors are moving towards safe haven assets like gold amid ongoing legal challenges regarding tariffs [1] Group 2: Gold Investment Opportunities - The Sprott Physical Gold Trust (PHYS) offers investors exposure to rising gold prices with the option to exchange shares for actual bullion [2] - Gold miners are seen as a potential hedge against market corrections, with the NYSE Arca Gold Miners Index up almost 90% as companies like Newmont Corporation and Agnico Eagle Mines report strong earnings [6] Group 3: Market Analysis and Historical Context - John Hathaway from Sprott Asset Management draws parallels between current market conditions and past market manias, suggesting that investors should maintain exposure to cash, gold bullion, and gold miners [4][5] - The current market shows signs of extreme concentration and leverage, indicating a potential need for countermeasures like investing in precious metals mining equities [5] Group 4: Investment Vehicles - The Sprott Gold Miners ETF (SGDM) is highlighted as a viable option for gaining exposure to leading gold mining companies, tracking the Solactive Gold Miners Custom Factors Index [8]

Core Insights - NEOS Investments launched its first trio of options income ETFs on August 30, 2022, which have collectively reached an AUM of $5.7 billion within three years [1] - The firm has accumulated over $10 billion in assets since the launch of its flagship funds, focusing on high income and tax efficiency [2] - NEOS offers core exposure to the S&P 500, short-term Treasury Bills, and the broad bond market through its ETFs, utilizing an option-writing strategy to generate high income [3] Fund Performance - SPYI has attracted over $2.25 billion in net flows in 2023 and has total returns of 45.91% since inception as of July 31, 2025, showcasing effective active management [5] - SPYI's distribution rate stands at 12.05% as of the end of July, outperforming its peers [7] - BNDI and CSHI have also shown better total returns and higher distribution rates than their peers and benchmarks since inception [8] Tax Efficiency - The funds utilize Section 1256 Contracts for options, allowing for favorable tax treatment on capital gains, with 60% taxed as long-term and 40% as short-term [3] - A portion of distributions from all three ETFs qualifies as a return of capital, which can enhance tax efficiency [4] - The managers engage in tax-loss harvesting opportunities throughout the year to optimize tax outcomes [11] Expansion and Innovation - NEOS has expanded its ETF lineup to include high-income offerings in alternatives and hedged equity income ETFs, including the NEOS Nasdaq 100 High Income ETF launched in January 2024, which has accumulated over $3.4 billion in AUM this year [9]

Core Insights - The article discusses the impact of economic uncertainty, inflation, and market cycles on various asset classes, emphasizing the importance of diversification in investment strategies [1][2] - The "All-Seasons Investing" approach is introduced, which advocates for a diversified portfolio across six major asset classes to mitigate risks and capture returns in different market conditions [2][19] US Equities - The US stock market represents 60.5% of the total global market capitalization and has historically provided the highest real annualized returns at 6.5% since 1900 [5][6] - The "Magnificent Seven" stocks, all US-based, achieved an average return of 111.3% in 2023, highlighting the strength and growth potential of US equities [5][4] International Equities - International equities have the potential to outperform US equities, especially given the current high concentration in the US market due to the dominance of a few large companies [7][9] - The US stock market's elevated CAPE ratio of nearly 34x earnings suggests it may not sustain above-average growth, making international equities with more attractive valuations appealing [9][10] Core Fixed Income - Core fixed income, consisting of US investment-grade bonds and cash equivalents, plays a crucial role in diversifying portfolios and reducing volatility [11] - Bonds are typically viewed as a hedge against stock market volatility, particularly during economic contractions when the Federal Reserve may cut rates [11][12] Global Credit - The global credit asset class includes US high-yield bonds and emerging market debt, offering higher yields in exchange for increased risk [13][14] - Active management is recommended in this space, as it has shown consistent outperformance compared to passive management in high-yield bonds [14] Liquid Alternatives - Liquid alternatives aim to provide market neutrality and yield without sacrificing liquidity, utilizing strategies like long/short and managed futures [15] - Both active and passive ETFs have roles in this asset class, with specific funds designed to capture returns while maintaining low correlation to traditional equities [15][16] Real Assets - Real assets, including real estate and commodities, are highlighted for their inflation protection characteristics and intrinsic value tied to physical assets [16][17] - The rising correlation between stocks and bonds necessitates additional diversifiers like real assets, which have historically performed well during inflationary periods [17][21] All-Seasons Investing Framework - The all-seasons study indicates that diversified portfolios can mitigate downside risks while capturing growth during favorable market conditions [19][22] - The performance of asset classes varies significantly across different market cycles, emphasizing the need for a strategic approach to asset allocation [20][21]

By Christopher Gannatti, CFA, Global Head of ResearchNvidia’s earnings report brought much intrigue. Consider this headline from the Financial Times:“Nvidia Is Nuts, When’s the Crash?”1The results over the past year have been amazing, yes, but there are no precedents for a company growing from a market capitalization below a $1 trillion to $2 trillion in less than a year.1 Does the hype match reality?The CURRENT share price is not necessarily a reflection the past, but rather a view on the FUTURE. One anal ...